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To: Tom D who wrote (25831)	11/12/1998 9:50:00 PM
From: llamaphlegm	Respond to of 164684

Thursday November 12, 7:14 pm Eastern Time Borders names as CEO former Random House president By Michael Ellis ANN ARBOR, Nov 12 (Reuters) - Borders Group Inc. (NYSE:BGP - news) on Thursday named the former president of publisher Random House as its new chief executive officer to lead the music and book retailer overseas and onto the Internet. Borders Chairman Robert DiRomualdo, 54, relinquished his title as Chief Executive Officer and the Ann Arbor, Michigan- based chain named Philip Pfeffer, 53, to fill the role. ''With the increasing complexity of our business as a result of international expansion and Internet selling, Phil's depth of experience with the content and logistics aspects of our business will be invaluable and will enable me to focus on strategic issues,'' DiRomualdo said in a statement. DiRomualdo, who had been chief executive for about a decade, started searching for a successor about a year-and- a-half ago and first contacted Pfeffer in April, a spokeswoman said. Pfeffer served as president and chief operating officer of Random House, the world's largest English-language general trade book publisher, from 1996 until its acquisition by Bertelsmann AG (quote from Yahoo! UK & Ireland: BTGGg.F) earlier this year. Analysts said they were surprised by the move, but believed that Pfeffer brought valuable experience to the company. ''Bob DiRomualdo is very instrumental to the company,'' said Amy Ryan, an analyst with Prudential Securities. ''I wasn't expecting it, but it sounds to me like (Pfeffer) does bring some sales experience to the table.'' Shares of Borders, which owns the Borders and Waldenbooks national book and multimedia retail chains, fell $2 to $25.25 on the New York Stock Exchange in midday trading. Borders in September launched its own Internet site, Borders.com, to compete with the wildly successful Amazon.com Inc. (Nasdaq:AMZN - news) web site. Borders also opened four international stores in the third quarter and plans to expand further overseas. Separately, Borders Group also reported a third quarter net loss of $800,000, or $0.01 per share, in-line with Wall Street expectations, compared with a net loss of $400,000, or nil per share. Total sales rose 17 percent to $558.3 million in the third quarter from $477.3 million in the previous third quarter.